Other News - 04/22/2005

Cyprus Airways confirmed that its Hellas Jet subsidiary will cease operations May 10. "This decision was deemed necessary as the conditions of the market proved to be against the company's plans," Cyprus Airways said in a statement. Cyprus Airways Group established the Athens-based scheduled airline in June 2003, anticipating a sharp growth in air travel related to the 2004 Olympic Games. Reportedly, Hellas Jet is posting losses of €1.5 million ($2 million) a month. The Greek ...